If you’re thinking of buying property in Toowoomba, consider getting in touch with a local mortgage broker.
Situated in the Darling Downs region of Queensland, Toowoomba is located 125km west of Brisbane. As the sixth largest city in Queensland, Toowoomba is the most populated inland city in Australia following Canberra.
Known as the “garden city”, Toowoomba is home to over 150 parks and gardens, and it hosts the annual Australian Carnival Festival of Flowers. With its leafy streets, abundance of schools and proximity to shops and other amenities, the city of Toowoomba is a sought-out location amongst students and mature couples.
Purchasing real estate is a big financial decision, which is why it’s worthwhile researching the market and getting in touch with local professionals to assist you in the process.
A mortgage broker can give you access to competitive mortgage products from a panel of lenders, and you’ll all be able to take advantage of their expertise and local market knowledge.
Toowoomba mortgage brokers comparison
|Broker||Details||No. of Lenders|
Aussie Home Loans
Aussie is one of Australia's leading financial service providers, having won The Adviser’s Top Mortgage Broker award for the last 3 years. They charge no appointment fees and can meet at a time and place which suits you.
- Mortgage Choice Toowoomba
- Toowoomba Home Loans
- Smartline Personal Mortgage Advisers
- Peter May Group
- Interstate Financing and Leasing
- Loan Marketing Mortgage Broker Nicholas Rundle
- Fox Finance and Leasing
What are the main suburbs in Toowoomba?
Located just 5km west of Toowoomba, Glenvale has an estimated population of 5,405 and is home to several schools including Glenvale State School and Glenvale Christian School.
With a median household weekly income of $1,358, the median age of residents is 32.
The median price for a three-bedroom property is $348,000, and Glenvale properties have witnessed annual capital growth of 4.31%. The gross rental yield is 4.74% for housing real estate.
Interestingly, a three-bedroom unit in Glenvale would set you back $330,000, and units have seen -2.34% capital growth with a gross rental yield of 5.29%.
The top three demographic profiles for Glenvale are older couples and families (23.3%), established couples and families (18.2%), and maturing couples and families (15.9%).
2. Darling Heights
Darling Heights is an outer southern suburb located 6km south-west of Toowoomba, Queensland. With a total population of 4,922, the median weekly household income of residents is $1,204, and the median age of residents is 27.
Featuring Toowoomba’s Japanese Gardens and Uni Plaza, Toowoomba is also home to the University of Southern Queensland and Darling Heights State School.
With a median house price of $353,000, Darling Heights real estate has seen annual capital growth of 3.78% and gross rental yield of 5.01%.
The median price for a unit in Darling Heights is $247,500. Units recorded annual capital growth of 7.47% and gross rental yield of 6.20%.
The main demographic profiles residing within Darling Heights are older couples and families (21.8%) and established couples and families (15.1%).
3. East Toowoomba
Situated 2km from the central business district of Toowoomba, East Toowoomba is home to the Southern Queensland Institute of TAFE as well as Toowoomba Grammar School and Fairholme College.
East Toowoomba has an estimated population of 5,675 with a median household income of $1,109.
A three-bedroom house in Toowoomba costs approximately $398,000. Annual capital growth for houses is 5.5% with a gross rental yield of 4.15%.
A three-bedroom unit in Toowoomba is typically valued at $400,750. Units experience annual capital growth of 6.68% and gross rental yield of 3.86%.
The majority of residents are older couples and families (17.8%) and established couples and families (14.5%).
4. Mount Lofty
Mount Lofty is located 3km north-east of the Toowoomba central business district. With a total population of 3,847, the median weekly household income of residents is $1,386, and the median age is 41.
Located close to Toowoomba State High School, Mount Lofty is home to the famous Jubilee Park.
The median house price in Mount Lofty is $454,000, and houses have recorded annual capital growth of 6.01% and a gross rental yield of 4.01%.
On the other hand, the median value of a unit is $350,000. Units have seen annual capital growth of 16.51% and gross rental yield of 4.01%.
Buying property in Toowoomba
Whether you’re looking for residential or investment reasons, you should consider the following points if you’re thinking of buying real estate in Toowoomba:
- Infrastructure projects. Major infrastructure projects currently in the pipeline include the Gowrie Creek catchment management strategy and the East Creek detention basins. The O’Mara Road upgrade in Charlton involves a $21 million injection for the first phase of construction. These infrastructure projects will probably attract more residents to the area and push up property prices over time.
- Community projects. The Toowoomba region is undergoing a range of environment and community projects such as the new city library and the highfields sport and recreation park.The library facilities strategy began in 2012 and will be fully implemented by 2031. These community projects will create new facilities that will also attract residents to the area and increase demand for Toowoomba real estate.
- Property prices. From October 2014 to September 2015, the median sale price for a house in Toowoomba city is $328,000. The suburb has recorded 1.7% growth with the current median price at $327,500 up from $322,000.
Suburb property prices in Toowoomba
As demonstrated by the below charts, the median sale price for Glenvale houses has been steadily increasing since 2012, and the highest price range is $300,000 - $400,000.
Source: APM PriceFinder
The median sale price for houses in Darling Heights has increased from 2011 and has continued on an upward trend while the majority of sales has remained within the $300,000 - $400,000 price range.
Source: APM PriceFinder
In East Toowoomba, median house prices have been on an upward trajectory since 2012, and the number of sales has also increased steadily since 2010.
Source: APM PriceFinder
The median value of house prices in Mount Lofty has increased since 2008, although the number of sales fell drastically from 2014 to 2015.
Source: APM PriceFinder
What will a typical mortgage cost in Toowoomba?
The median house price for Toowoomba real estate is $368,000. To complete a 20% deposit, you would need to budget $73,600. If you were taking out a loan for the remaining balance of $294,400 at 4.5% interest over 30 years, your monthly repayments would be $
Conversely, the median unit price in Toowoomba is $300,000, which means that you would need to come up with $60,000 for a 20% down payment. If you therefore took out a mortgage for $240,000 at 4.5% interest over a 30 year period, your monthly repayments would equate to $
How is a mortgage broker paid?
Mortgage brokers receive a commission from the lenders they work with.
The most common commissions include an upfront commission and an ongoing or “trailing” commission, both of which are based on the product type and volume of the transaction.
How does a mortgage broker work?
Mortgage brokers in Toowoomba have expert local knowledge of the property market and can draw upon their panel of lenders to source a competitive mortgage product that suits your borrowing needs.
With an obligation to exercise duty of care, brokers are required to only recommend home loans that are suitable to your personal circumstances.